price level

USD/CAD has been trading downside and I found the breakout of the support cluster at the price of 1.3590, which is good sign for the further downside movement.   Due to the breakout of the support cluster and the increasing in the downside movement, I see potential for the further lower prices towards downside references.   Downside objectives are set at 1.3540 and 1.3490 MACD is showing increasing of the downside momentum, which is good sign for the further lower prices.... Key resistance is set at the price of 1.3650  

June 29 macroeconomic calendar Today, the US will see the release of its weekly jobless claims data. Figures are projected to grow. Continuing claims are forecast to rise to 1,765,000 from 1,759,000 while initial ones are likely to rise to 265,000 versus 264,000. Trading plan for EUR/USD on June 29 The pair may trade horizontally for a while or bounce due to a sharp price change the day before. Should quotes stay firm below 1.0900, we would see a fall in value. Trading plan for GBP/USD on June 29 Due to a sharp price change in the market, an oversold signal could be generated, which would mean that the pair could come to a standstill or bounce. However, should speculators not respond to technical signals, the price would fall to 1.2550.             What's on chart The candlestick chart shows graphical white and black rectangles with upward and downward lines. While conducting a detailed analysis of each individual candlestick, it is possible to notice its features intrinsic to a particular time frame: the opening price, the closing price, and the highest and lowest price. Horizontal levels are price levels, in relation to which a stop or reversal of the price may occur. They are called support and resistance levels. Circles and rectangles are highlighted examples where the price reversed in the course of its history. This color highlighting indicates horizontal lines which can exert pressure on prices in the future. Upward/downward arrows signal a possible future price direction.  

Technical outlook: EUR/USD has carved a fresh low at 1.0845 last week remaining just shy of initial support around 1.0830. The single currency pair has pulled back since then and is seen to be trading above 1.0880 at this point in writing. The bulls are likely to push prices towards the 1.1000-50 area before the next leg resumes lower. EUR/USD has broken its one-year trend line support as seen on the daily chart here. The probability remains for a push through the backside of the support-turned-resistance zone, which is seen around the 1.1000-50 zone before turning lower towards the 1.0500 Fibonacci target. Also, note that the entire rally between 0.9535 and 1.1275 could be retraced with prices reaching 1.0200. EUR/USD seems to have also carved a lower-degree downswing between 1.1275 and 1.0845 which could be retraced in the next few trading sessions. The Fibonacci 0.618 retracement is seen passing through 1.1150 which could be tested before the next leg resumes lower again. A push through 1.0920 will confirm that a corrective rally is underway.       Trading idea: A potential rally towards 1.1150 in the near term remains possible.  

Details of the Economic Calendar on August 21 Monday, as usual, was accompanied by an empty macroeconomic calendar. No significant statistical data were published in the European Union, United Kingdom, or United States.   EUR/USD trading plan for August 22 Stable maintenance of the price above the level of 1.0900 may have a positive effect on the euro rate. However, until we see a breach of the 1.0950 level, we cannot assert with absolute confidence that sellers have eased their pressure and that the correction movement will no longer resume in the market.     GBP/USD trading plan for August 22 In this situation, traders prefer a breakout strategy, as this approach can clearly indicate the subsequent direction of market prices. A decline will become relevant if the price consistently stays below the 1.2650 level. This condition could contribute to the continuation of a downward corrective movement. A rise assumes a gradual recovery of the pound sterling's value relative to the current corrective movement. A primary technical signal of potential growth may appear if the price holds above the 1.2800 mark.   What's on the charts The candlestick chart type is white and black graphic rectangles with lines above and below. With a detailed analysis of each individual candle, you can see its characteristics relative to a particular time frame: opening price, closing price, intraday high and low. Horizontal levels are price coordinates, relative to which a price may stop or reverse its trajectory. In the market, these levels are called support and resistance. Circles and rectangles are highlighted examples where the price reversed in history. This color highlighting indicates horizontal lines that may put pressure on the asset's price in the future. The up/down arrows are landmarks of the possible price direction in the future.

The outlook is for further weakness in economic activity China now looks set to endure a period of sub-trend growth while it restructures this debt and alleviates some of the debt-service cost strains that are apparently weighing on some local government financing vehicles. Much of this off-balance sheet debt will need to be brought back on the balance sheet. Clarity over the scale of the existing problem will help determine the central government’s response, as at this stage, we suspect that even they don’t know. But lower interest rates for official debt and longer payment schedules seem very likely to dominate proceedings. Bucketloads of new debt, however, will not. We think that China's longer-term potential growth rate is around the 5% mark. But in the near term, even this may present a challenge for policymakers to achieve. We have downgraded our GDP forecast for 2023 to 4.5% as the previous main engine of growth – consumer spending – is faltering. Estimating how long this balance sheet adjustment will weigh on the economy is pure guesswork at this stage, but a wet-finger estimate of two years seems a reasonable starting point. We are not looking for 5% growth to be achieved again until 2025.   Chinese inflation is just unwinding earlier food price spikes   Inflation is low, but will recover Such weakness is likely to keep inflation very subdued in the meantime. Much of the recent decline in overall inflation is due to falls in food price inflation, which spiked up to more than 10% in July last year on the back of swine fever-affected pork prices. This is yet another reason for dismissing deflation claims. Indeed, if you create a conventional CPI index from China’s year-on-year inflation series, then it looks like the price level rose by about 0.3% month-on-month in each of the last two months. So temporary base effects are doing most of the damage to inflation currently, and by November these will have passed. In the meantime, though, further negative year-on-year CPI inflation figures are likely to keep the 'deflation' argument alive for a while longer.      

USD/JPY: After testing the target support at 145.90, the USD/JPY pair has been rising for two days. The price may reach the price channel line at 147.80, but it's unlikely to break above it and reach the target level of 148.50. The lack of divergence is still a hindrance to the pair's growth, and there's a good chance that the US dollar will strengthen after tonight's US inflation report.     Given these conditions, the price could test the support at 145.90, supported by the MACD indicator line, and only then will it be able to continue rising if the yen considers this plan. However, if the price settles below 145.90, it will continue to fall towards 144.73.